Wix.com (NASDAQ:WIX) Sees Large Volume Increase After Analyst Upgrade

Wix.com Ltd. (NASDAQ:WIX) saw unusually-strong trading volume on Tuesday after Citigroup raised their price target on the stock from $175.00 to $202.00. Citigroup currently has a buy rating on the stock. Approximately 646,953 shares changed hands during trading, an increase of 7% from the previous session’s volume of 607,239 shares.The stock last traded at $172.60 and had previously closed at $168.02.

A number of other research firms have also weighed in on WIX. B. Riley increased their target price on shares of Wix.com from $154.00 to $180.00 and gave the stock a “buy” rating in a report on Tuesday. Morgan Stanley increased their price target on shares of Wix.com from $143.00 to $187.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Royal Bank of Canada increased their price target on shares of Wix.com from $160.00 to $190.00 and gave the stock an “outperform” rating in a research note on Tuesday. Piper Sandler downgraded shares of Wix.com from an “overweight” rating to a “neutral” rating and raised their target price for the company from $165.00 to $184.00 in a research note on Tuesday. Finally, StockNews.com downgraded shares of Wix.com from a “buy” rating to a “hold” rating in a research note on Friday, May 17th. Three equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Wix.com presently has an average rating of “Moderate Buy” and a consensus target price of $170.81.

Hedge Funds Weigh In On Wix.com

A number of large investors have recently made changes to their positions in WIX. Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of Wix.com by 6.0% in the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 267,034 shares of the information services provider’s stock worth $32,851,000 after purchasing an additional 15,000 shares during the period. Senvest Management LLC increased its stake in Wix.com by 27.4% during the 4th quarter. Senvest Management LLC now owns 772,191 shares of the information services provider’s stock valued at $94,995,000 after purchasing an additional 166,254 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Wix.com by 112.1% during the 3rd quarter. Canada Pension Plan Investment Board now owns 48,430 shares of the information services provider’s stock valued at $4,446,000 after purchasing an additional 25,600 shares in the last quarter. Nordea Investment Management AB increased its stake in Wix.com by 13.5% during the 4th quarter. Nordea Investment Management AB now owns 3,792 shares of the information services provider’s stock valued at $472,000 after purchasing an additional 450 shares in the last quarter. Finally, Clearbridge Investments LLC increased its stake in Wix.com by 5.3% during the 4th quarter. Clearbridge Investments LLC now owns 1,143,794 shares of the information services provider’s stock valued at $140,710,000 after purchasing an additional 57,090 shares in the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wix.com Stock Performance

The firm has a market cap of $9.63 billion, a price-to-earnings ratio of 314.55, a price-to-earnings-growth ratio of 4.67 and a beta of 1.34. The stock’s 50 day simple moving average is $131.64 and its 200-day simple moving average is $123.28.

Wix.com (NASDAQ:WIX) last issued its quarterly earnings results on Wednesday, February 21st. The information services provider reported $1.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.24. The business had revenue of $403.80 million for the quarter, compared to analyst estimates of $416.87 million. Wix.com had a net margin of 2.12% and a negative return on equity of 40.56%. Wix.com’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.42) EPS. On average, analysts expect that Wix.com Ltd. will post 1.16 EPS for the current fiscal year.

About Wix.com

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.